You have found a home you want to purchase. Now your concern is the mortgage. The current 30-year interest rate is 3.8% with zero points. You have decided to finance $333,000.00 for 30 years. Please answer the following questions regarding the mortgage. Use WEB page www.bankrate.com for your calculations. Calculate the monthly payment and amortization schedule to answer questions below. Use a mortgage start date of December 1-2021.

You have decided to pay $150.00 extra per month on the mortgage to reduce the total interest you will pay and reduce the number of years you have to pay on the mortgage.Recalculate the amortization schedule still using the information above, add the extra payment of $150.00 per month and answer the following questions.

1a. What is the total interest paid on the mortgage after the extra payments have been calculated?

1b. How much was saved in total interest charges by paying the extra $150.00 per month?